LAS VEGAS (KLAS) — Down payment assistance programs will provide thousands of dollars in assistance to eligible first-time homebuyers as part of the Home Means Nevada Initiative.
The initiative will allocate $10 million to the Nevada Housing Division and Nevada Rural Housing, according to a Thursday news release. These agencies will use the money to launch down payment assistance programs that will provide $15,000 to eligible applicants who are buying their first home.
The assistance would be a second mortgage with no payments or interests. The mortgage would be completely forgiven after three years of residence in the home, according to the release.
Eligibility requirements for the program include that participants cannot have owned a home within the last three years, have a minimum of six months of Nevada residency, have a minimum credit score of 660, fall within household income limits, and have completed a homebuyer education course.
“Our estimates indicate the Home Means Nevada Initiative dollars for down payment assistance will allow the two agencies to help over 650 Nevada families purchase homes in a difficult buyers’ market,” Administrator of the Nevada Housing Division Steve Aichroth said. “These organizations have worked for years to help Nevadans get into more tenable, long-term housing circumstances and we firmly believe this new option will apply to residents at a time when owning a home continues to elude hard working citizens.”